The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2843.

Main scenario: long positions will be relevant from corrections above the level of 1.2843 with a target of 1.3213 – 1.3364.

АAlternative scenario: Breakout and consolidation below the level of 1.2843 will allow the pair to continue declining to the levels of 1.2660 – 1.2580.

Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the third wave (3) starts developing on the H4 time frame with the first counter-trend wave of junior level i of 1 of (3) forming inside. Apparently, the wave (iii) of i is developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3213 – 1.3364. The level 1.2843 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 31/08/2018 – 07/09/2018

GBP/USD: Wave analysis and forecast for 31/08/2018 – 07/09/2018

GBP/USD: Wave analysis and forecast for 31/08/2018 – 07/09/2018

Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 31/08/2018 – 07/09/2018

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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